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Iraq’s Baiji Refinery Safe But Still Out
...s complex in Algeria in 2014, where Japan suffered the highest number of casualties of any foreign country (ten, all employees of engineering firm JGC), have evacuated their workers from Iraq, a source tells MEES. The violence has led to the delay of two key projects so far. The 300,000 b/d Na...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
QNB Optimistic LNG Market Will Continue To Favor Qatar
...me Cap (mn t/y) Company (-ies) Start Year Algeria Arzew - GL3Z (Gassi Touil) 4.7 Sonatrach 2014 P.N. Gu...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Mideast Refining Capacity Boost Underscores Growing ‘Hub’ Role- IEA
...e equivalent of around 93% of the region’s then CDU capacity. Regional Progress Saudi Arabia is the largest contributor to the Middle East’s surge, says the IEA. The 400,000 b/d Satorp refinery was expected to reach full capacity by “mid 2014;” the company declines to comment on whether this im...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
UN: How GCC Petchems Players Can Combat Shale Revolution
...REGIONAL GCC governments’ plans to diversify their economies by developing large-scale petrochemicals projects are being challenged by the North American shale gas boom, says UN agency Unctad. The agency’s World Investment Report 2014 (see p20) says that “the shale gas revolution in No...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Sonelgaz Generating Capacity Up 2GW In 2013, But Finances ‘Fragile’
...spent during 2014-17 on generating and transmission capacity to keep pace with demand growth of more than 10% a year. He warned that this investment must come despite frozen electricity prices (MEES, 23 May). Mobile Supply Boost Mr Boutarfa says that Algeria’s electricity generating ca...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Turkey Reveals Electricity Targets, Wind Expansion Continues
...dropower 15%, wind and geothermal 12%, nuclear 11%, solar 5% and other sources 2%, according to the Anadolu news agency, citing a ministry report. State transmission company TEIAS estimates Turkish electricity consumption at 245.5TWh in 2013 and says this will rise by 4.3% in 2014 to a total 256TWh. An...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Algeria Heading For Oil Output Drop
...ve failed to attract international oil companies (IOCs) to Algeria’s acreage in large numbers. It remains to be seen if foreign investment will help boost capacity as a result of the current round, which is scheduled to conclude towards the end of 2014. IOCs frequently echo the IEA’s criticism of co...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
US And Saudi Arabia Back Egypt’s New President
...cond half of 2013. And in the first four months of 2014 Saudi Arabia and the UAE granted Egypt $2.6bn in shipments of fuel oil, diesel, and LPG, according to the chairman of the Egyptian General Petroleum Corporation (EGPC) Tarek El Molla. Gulf shipments of much-needed LNG will not be forthcoming, as Eg...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Petroleum Ministry Owed $22bn
...move them gradually over a five-year period. According to the budget for the 2014-15 financial year (beginning 1 July), energy subsidies are projected to fall by 22% to E£104.5bn or $14.6bn (MEES, 6 June). The draft budget, which was prepared by the interim government installed after Mr Mursi ou...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Petrofac: Iraq OK, Tunisia Out
...ria (ISIS)-spearheaded blitz. Petrofac says that it expects its Iraqi operations to represent less than 5% of its revenue in 2014. Meanwhile, the company says that its operations at the Chergui gas field in Tunisia, where it has a 45% stake in the producing asset, experienced a “temporary di...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Mideast FDI: ‘Bleak’ Prospects Amid Post-Arab Spring Instability-UN
...REGIONAL Prospects for foreign direct investment (FDI) to the Middle East “remain bleak [with] rising political uncertainty a strong deterrent,” the United Nations Conference on Trade and Development (Unctad) says in its World Investment Report 2014, released this week. Ongoing po...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Bahrain: IMF Warns On ‘Fiscal Imbalances’
...e lower-income segments of the population, and on controlling the growth of current spending.” According to Bahrain’s two-year 2013-14 budget, allocations for oil and gas subsidies in the local market in 2013 amounted to BD878mn ($2,327mn), 26.6% of total oil and gas revenue, and in 2014 to BD...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 26 Jun 16-20 Jun 9-13 Jun May-14 Apr-14 Q1 2014 Q4 2013 2013 20...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014